Portfolio Of Condominium Development Sites Sells For $22.5M
JLL Capital Markets has closed the $22.5 million sale of a multi-housing land portfolio consisting of three waterfront condominium development sites in Miami’s Bay Harbor Islands.
JLL represented the seller, a partnership between Two Roads Development and an institutional equity partner.
The portfolio consists of three waterfront sites, totaling 1.36 acres, each with site plan approval already in-place for the development of a luxury mid-rise condominium with high-end amenities. The properties consist of the 0.26-acre 9781 East Bay Harbor Dr., 0.77-acre 9927-9955 East Bay Harbor Dr. and the 0.33-acre 10301 East Bay Harbor Dr.
Positioned on Biscayne Bay, the properties are located seconds from the Haulover Inlet to the Atlantic Ocean. The sites offer immediate access to dining, shops and entertainment options in nearby Bal Harbour and Surfside. Additionally, they are situated within 30 minutes of several of South Florida’s most prominent employment and education hubs, including downtown Miami/Brickell and Fort Lauderdale.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Directors Simon Banke and Matt McCormack and Managing Director Maurice Habif.
“The Bay Harbor Islands residential market is characterized by intense demand and limited supply. Existing approvals on these three properties will allow development to move forward rapidly and capitalize on the market’s momentum,” said Banke.
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